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STOCKHOLDERS' (DEFICIT) EQUITY
6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
STOCKHOLDERS' (DEFICIT) EQUITY

NOTE—9 SHAREHOLDERS’ DEFICIT

 

Authorized Shares

 

The Company’s authorized shares are 5,000,000 preferred shares and 70,000,000 common shares with a par value of $0.001 per share.

 

Preferred Stock

 

As of June 30, 2020 and December 31, 2019, the Company had a total of 832,000 and 832,000 shares of its preferred stock issued and outstanding, respectively.

 

Common Stock

 

On June 29, 2020, the Company approved the share cancellation agreements to cancel 19,512,441 shares of common stock held by a group of individuals and entities.

 

On January 15, 2020, the Company approved an amendment to the Company’s Certificate of Incorporation (the “Charter”) to file with the Secretary of State of the State of Nevada a Certificate of Amendment to the Charter (the “Charter Amendment”). Pursuant to the Charter Amendment, the Company’s Charter was amended, effective as of January 20, 2020, to effectuate a Four for One (4:1) forward split of the Company’s shares of common stock. This amendment supersedes the amendment filed on November 2, 2019 regarding the same Four for One (4:1) forward split.

 

The number of authorized shares and par value remain unchanged. All share and per share information in this financial statements and footnotes have been retroactively adjusted for the period and years presented, unless otherwise indicated, to give effect to the forward stock split.

 

As of June 30, 2020 and December 31, 2019, the Company had a total of 12,850,759 and 32,363,200 shares of its common stock issued and outstanding, respectively.